OPEC’s crude oil production
On May 2, 2017, according to a Reuters survey, OPEC’s (Organization of the Petroleum Exporting Countries) crude oil production fell by 80,000 bpd (barrels per day) to 31.97 MMbpd (million barrels per day) in April 2017—compared to March 2017. Brent crude oil (RYE) (IYE) (VDE) prices fell to a five-month low on May 2, 2017, despite the fall in OPEC’s production. For more on crude oil prices, read Part 1 of the series.
OPEC’s crude oil production fell for the fourth consecutive month due to major oil producers’ production cut deal. OPEC had 90% and 92% compliance in April 2017 and March 2017 with targeted production cuts. Production fell by ~1.6 MMbpd from its peak in November 2016.
OPEC members’ production
According to Reuters surveys, OPEC members’ crude oil production figures for April 2017 are as follows:
- Algeria – flat at 1.1 MMbpd (million barrels per day)
- Angola – a rise of 70,000 bpd (barrels per day) to 1.7 MMbpd
- Iran – a rise of 10,000 bpd to 3.7 MMbpd
- Iraq – a fall of 40,000 bpd to at 4.4 MMbpd
- Kuwait – a rise of 10,000 bpd to 2.7 MMbpd
- Saudi Arabia – a rise of 20,000 bpd to 10 MMbpd
- United Arab Emirates – a fall of 10,000 bpd to 2.9 MMbpd
- Venezuela – a fall of 40,000 bpd to 2 MMbpd
Major oil producers’ plan in 2H17
Saudi Arabia and some OPEC members expressed interest in extending major oil producers’ production cut deal in 2H17. Read Will OPEC Extend the Production Cut Deal into 2018? to learn more.
In the next part, we’ll analyze Russia’s crude oil production.